Myanmar to allow foreign bank branches to provide services to local corporates

YANGON, Nov. 9 (Xinhua) -- The Central Bank of Myanmar (CBM) has announced extending grant to allowing foreign bank branches to provide any banking services to local enterprises, according to the CBM's notification issued on late Thursday.

The move aims to help local corporate gain further access to finance, the bank's notification said.

The CBM have allowed foreign bank branches to provide export financing and related banking services to local firms in December last year.

The bank also granted licence to foreign banks for providing wholesale banking services to local enterprises in partnership with foreign enterprises, local and foreign financial institutions.